Fly News Breaks for September 10, 2019
Sep 10, 2019 | 06:41 EDT
JPMorgan analyst Rajat Gupta upgraded Sonic Automotive to Neutral from Underweight and raised his price target for the shares to $30 from $23. The analyst has "increased comfort" around improving EchoPark execution and profitability, as well as "lesser concerns" around relative growth in the company's traditional franchise business versus peers. Continued momentum in EchoPark profitability and strength in Parts & Services are likely to drive upward earnings revisions for Sonic Automotive's "for the time being," Gupta tells investors in a research note. However, he believes this is appropriately reflected in the company's current "premium "valuation.
News For SAH From the Last 2 Days
Nov 14, 2019 | 08:25 EST
Morgan Stanley analyst Armintas Sinkevicius upgraded Sonic Automotive (SAH) to Equal Weight from Underweight with a price target of $31, up from $22, after raising his estimate for the U.S. auto seasonally adjusted annual rate in 2020 to 16.5M from 16.0M. The environment remains constructive in the near-term given lower interest rates, used car prices at record levels and credit availability, the analyst said. He also raised his price targets across the traditional auto dealers group by an average of 14%. Sinkevicius upped his target for Asbury Automotive (ABG) to $114 from $95, raised his target for AutoNation (AN) to $46 from $42, ,increased his target for Group 1 Automotive (GPI) to $128 from $105 and raised his target for Lithia Motors (LAD) to $188 from $151.